DDM Analysis: 601901.SS

Valuation Snapshot

Stable Growth	$30.66 - $99.23	$92.99
Multi-Stage	$13.13 - $14.37	$13.74
Blended Fair Value	$53.37
Current Price	$8.14
Upside	555.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.66%	25.33%	0.22	0.11	0.11	0.11	0.15	0.31	0.20	0.27	0.39	0.07
YoY Growth	-	-	95.94%	-0.21%	4.31%	-28.05%	-51.70%	51.71%	-25.75%	-29.74%	428.30%	222.74%
Dividend Yield	-	-	2.79%	1.35%	1.59%	1.58%	1.70%	4.27%	2.61%	4.39%	4.78%	0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,041.27
(-) Cash Dividends Paid (M)	1,425.81
(=) Cash Retained (M)	2,615.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	808.25	505.16	303.10
Cash Retained (M)	2,615.45	2,615.45	2,615.45
(-) Cash Required (M)	-808.25	-505.16	-303.10
(=) Excess Retained (M)	1,807.20	2,110.30	2,312.36
(/) Shares Outstanding (M)	8,099.62	8,099.62	8,099.62
(=) Excess Retained per Share	0.22	0.26	0.29
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.22	0.26	0.29
(=) Adjusted Dividend	0.40	0.44	0.46
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30.66	$92.99	$99.23
Upside / Downside	276.68%	1,042.39%	1,119.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,041.27	4,303.95	4,583.71	4,881.65	5,198.95	5,536.89	5,702.99
Payout Ratio	35.28%	46.23%	57.17%	68.11%	79.06%	90.00%	92.50%
Projected Dividends (M)	1,425.81	1,989.50	2,620.45	3,325.01	4,110.10	4,983.20	5,275.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,844.07	1,861.55	1,879.03
Year 2 PV (M)	2,251.35	2,294.23	2,337.51
Year 3 PV (M)	2,647.85	2,723.86	2,801.31
Year 4 PV (M)	3,033.79	3,150.46	3,270.46
Year 5 PV (M)	3,409.37	3,574.04	3,745.02
PV of Terminal Value (M)	93,178.95	97,679.53	102,352.35
Equity Value (M)	106,365.37	111,283.67	116,385.69
Shares Outstanding (M)	8,099.62	8,099.62	8,099.62
Fair Value	$13.13	$13.74	$14.37
Upside / Downside	61.33%	68.79%	76.53%

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Founder Securities Co., Ltd. (601901.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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